Mission Statement, Vision, & Core Values (2024) of The E.W. Scripps Company (SSP)

An Overview of The E.W. Scripps Company (SSP)

General Overview of The E.W. Scripps Company (SSP)

The E.W. Scripps Company, founded in 1878, has evolved into a leading media enterprise with a strong focus on local television stations and national networks. As of 2024, the company operates over 60 local television stations across the United States, including affiliates of ABC, NBC, CBS, and FOX. The Scripps Networks segment encompasses national news outlets like Scripps News and Court TV, alongside popular entertainment brands such as ION and Bounce.

In 2024, The E.W. Scripps Company reported total revenues of $1.78 billion, marking a 6.2% increase from the previous year. The local media segment generated approximately $1.16 billion in operating revenues, which was a 14.4% increase compared to the prior year, driven largely by political advertising during the election cycle.

Company's Financial Performance in Latest Financial Reports

In the third quarter of 2024, The E.W. Scripps Company achieved a record-breaking revenue of $646.3 million, representing a 14.1% increase from $566.5 million in Q3 2023. Political advertising revenue surged by $116 million in Q3 2024, reflecting the heightened demand during the election year, despite a notable 9.2% decrease in core advertising revenue.

The company's net income for the third quarter of 2024 was $47.8 million, compared to a net loss of $3.7 million in the same quarter of the previous year. This significant turnaround was attributed to increased political revenues and a moderate decrease in operational costs. For the nine months ended September 30, 2024, net income totaled $50.8 million, a substantial recovery from a loss of $692 million in the same period of 2023.

Operating income for the third quarter reached $121.8 million, showcasing an impressive recovery from $53.1 million in Q3 2023. The effective income tax rate for the nine months ended September 30, 2024, was 34%, a significant increase from 2.4% in 2023, largely influenced by the prior year's goodwill impairment.

Introduction to The E.W. Scripps Company as an Industry Leader

The E.W. Scripps Company stands out as a leader in the media industry, leveraging its extensive portfolio of local television stations and national networks to deliver compelling news and entertainment content. The strategic focus on local news production aligns with the company's mission to inform and engage communities across the United States.

As of 2024, Scripps operates more than 60 television stations, reaching nearly every U.S. household. The company's commitment to local journalism and community engagement has solidified its position as a trusted news source. The ongoing expansion into digital platforms and innovative content delivery systems further enhances its competitive edge in the rapidly evolving media landscape.

Investors and industry analysts are encouraged to explore further to understand the factors contributing to The E.W. Scripps Company's success in the media sector.

Mission Statement of The E.W. Scripps Company (SSP)

Mission Statement of The E.W. Scripps Company (SSP)

The E.W. Scripps Company's mission statement emphasizes its commitment to delivering high-quality news and entertainment content across various platforms. This mission serves as a guiding principle for the company's strategic goals and operational decisions, ensuring alignment with its core values and market expectations.

Core Component 1: Delivering Quality Content

At the heart of Scripps' mission is the dedication to providing exceptional content that informs, entertains, and engages audiences. In 2024, the company reported total operating revenues of $646.3 million for the third quarter, marking an increase of 14% compared to the previous year. This growth was largely driven by a significant rise in political advertising revenue, which reached $131.4 million in Q3 2024, compared to just $9.1 million in Q3 2023.

Core Component 2: Engaging Audiences Across Platforms

Scripps recognizes the importance of reaching its audience through multiple channels, including traditional broadcast, digital platforms, and streaming services. The company operates a diverse portfolio of national news and entertainment networks, such as Scripps News and Court TV, which collectively reach nearly every U.S. television home. As of September 30, 2024, Scripps had $34.6 million in cash on hand and $403 million in available borrowing capacity under its revolving credit facility, supporting its strategic investments in technology and content delivery.

Core Component 3: Commitment to Ethical Journalism

Ethical journalism is a cornerstone of Scripps' mission. The company has consistently prioritized integrity and accountability in its reporting. In 2024, Scripps incurred $12.7 million in restructuring costs, reflecting its ongoing commitment to adapt and improve its operations in response to changing market conditions and audience needs. This includes a significant reduction in Scripps News' national programming, with expectations to streamline operations while maintaining high standards of journalism.

Vision Statement of The E.W. Scripps Company (SSP)

Vision Statement of The E.W. Scripps Company (SSP)

The E.W. Scripps Company envisions becoming a leading media enterprise, delivering trusted news and entertainment content across multiple platforms. Their vision includes a commitment to community engagement and a focus on innovative content delivery.

The vision emphasizes a strong dedication to quality journalism, ensuring that audiences receive accurate and timely information. In 2024, Scripps reported a net income of $50.8 million, a significant recovery from a net loss of $692 million in 2023. This financial rebound indicates the company's effective strategies in enhancing journalistic integrity and operational efficiency.

As part of its vision, The E.W. Scripps Company is focused on utilizing technology to enhance content delivery. The company has invested heavily in digital platforms, resulting in a year-over-year increase in digital revenue by 12% in Q3 2024, reaching $146 million. This growth reflects their commitment to adapting to changing media consumption habits.

Scripps aims to foster strong community connections through local news coverage. In 2024, their local media revenues increased by 26%, totaling $92.5 million in Q3. This growth is attributed to their focus on local news and community-centric programming, reinforcing their vision of being a trusted local media source.

The E.W. Scripps Company has set ambitious financial targets in alignment with its vision. For the first nine months of 2024, the company reported operating revenues of $1.78 billion, up 6.2% from $1.68 billion in the same period of 2023. This growth is a key component of their strategic goal to enhance profitability through diversified revenue streams.

Through these strategic initiatives, The E.W. Scripps Company aims to solidify its position as a premier media enterprise, ensuring a sustainable future while upholding its vision of quality journalism and community engagement.

Core Values of The E.W. Scripps Company (SSP)

Core Values of The E.W. Scripps Company (SSP)

Integrity

The E.W. Scripps Company emphasizes integrity as a cornerstone of its operations, ensuring transparency and ethical behavior in all business dealings. This value is critical in maintaining trust with audiences, employees, and stakeholders.

In 2024, Scripps reported a net income of $50.8 million, a significant recovery from a net loss of $692 million in the prior year, which reflects the company's commitment to ethical financial practices.

Innovation

Innovation drives The E.W. Scripps Company to adapt and thrive in a rapidly changing media landscape. The company invests in new technologies and platforms to enhance content delivery and viewer engagement.

In the first nine months of 2024, Scripps increased its total operating revenues to $1.78 billion, bolstered by innovative programming strategies and the introduction of new digital platforms.

Accountability

Accountability at Scripps means taking responsibility for actions and performance. This value ensures that the company meets its commitments to stakeholders and continuously evaluates its operational effectiveness.

As of September 30, 2024, Scripps had $34.6 million in cash and $403 million in additional borrowing capacity, reflecting a commitment to fiscal responsibility and accountability.

Collaboration

Collaboration fosters teamwork and partnerships within The E.W. Scripps Company. This value enhances creativity and problem-solving across its diverse media platforms.

In 2024, Scripps reported a 26% increase in Local Media revenues, driven by collaborative efforts in advertising and programming partnerships.

Excellence

Excellence is a guiding principle for The E.W. Scripps Company, striving for high-quality content and service across all platforms. This commitment to excellence enhances brand reputation and viewer loyalty.

The Scripps Networks segment generated $619.7 million in revenues for the first nine months of 2024, showcasing the company's focus on delivering quality content.

Updated on 16 Nov 2024

Resources:

1. The E.W. Scripps Company (SSP) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of The E.W. Scripps Company (SSP)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View The E.W. Scripps Company (SSP)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.